Premier to spud Bagpuss well in first half of 2016

Joint venture partners in the Bagpuss Prospect are working towards a spud date for the Bagpuss well, located in block 13/24c of the UK North Sea, in H1 2016.

The JV partners in the Bagpuss Prospect are Premier Oil (operator) with 37.5% interest, Maersk with 25%, EnCounter Oil plc with 15%, Groliffe Limited 7.5%, and North Sea Energy Limited with 15% stake.

According to a press release issued by North Sea Energy (NSE), Premier and Maersk are committed to drilling the Bagpuss well, subject to Oil and Gas Authority UK (OGA) and final internal approvals. A semi-submersible rig will be used and options to contract the rig are under evaluation to optimise costs.

The well location, provided by EnCounter, is 67 metres to the west of the original location based on the analysis of the seismic site survey which was acquired in September 2014.

The Bagpuss well targets lower cretaceous sands, jurassic sands and a granite wash formation that is only 1400 ft subsurface.

NSE noted in the announcement that its costs related to the drilling of the initial Bagpuss Prospect well are 100% funded through its farm-in agreement with Maersk, subject to a cap, as are 50% of NSE’s costs of a Bagpuss subsequent well, should one be drilled, also subject to a cap.

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